Title Insurance and Closing Services Since 1954
Terms Defined
The Real Estate Industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. Wayne County Title Agency, Inc. has compiled the following Definition of Terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.
Hazard Insurance
Real estate insurance that protects against damages caused to property by fire, windstorms and other common hazards.
Heir
The person who, at the death of the owner of land, is entitled to the land if the owner has died without a will.
Homeowner’s Insurance
Insurance on dwellings and other structures protecting against loss caused by fire, some natural causes, vandalism, etc., depending on the terms of the policy. Also includes coverage such as personal liability and theft away from home.
Homestead Exemption
Allows senior citizens age 65 and older, and permanently and totally disabled Ohioans to reduce their property tax burden by shielding some of the market value of their home from taxation. The tax exemption is limited to the homestead, which Ohio law defines as an owner’s dwelling and up to one acre of land. The value of the exemption may not exceed the value of the homestead.
HUD
The Department of Housing and Urban Development. It is responsible for the implementation and administration of U.S. government housing and urban development programs.
HUD 1
A form settlement (closing) statement required by the U.S. Department of Housing and Urban Development (HUD) where federally related mortgages are being made on residential properties. It is a balance sheet showing the source of funds and the distribution of funds in connection with the purchase and/or mortgaging of residential property.